BEIJING: Oil prices fell on Monday, erasing gains from Friday as renewed concerns over waning demand in the US and China, coupled with mixed signals from the Federal Reserve, dented market sentiment, according to Reuters.
Brent crude futures for January were down 61 cents, or 0.75 percent, at $80.82 a barrel at 11.00 a.m. Saudi time, while the US West Texas Intermediate crude futures for December were at $76.56, down 61 cents, or 0.79 percent.
Prices gained nearly 2 percent on Friday as Iraq voiced support for oil cuts by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, but lost about 4 percent for the week, notching their third weekly losses for the first time since May.
“Investors are more focused on slow demand in the United States and China while worries over the potential supply disruptions from the Israel-Hamas conflict have…
